EDF-Masdar consortium seals $1.5bn Red Sea Global deal
RIYADH, October 31, 2024
Red Sea Global (RSG) today (October 31) announced the financial closure of a $1.5 billion deal to develop multi-utility infrastructure at its Amaala luxury wellness destination.
The new facility will feature an advanced renewable energy system, completely independent of the national electricity grid. It will include a 250 MW photovoltaic solar power plant to generate electricity and a 700 MWh battery system for energy storage.
RSG inked the deal with a consortium led by French utility major EDF Group and Abu Dhabi-based Masdar, along with Korea East-West Power Company and Paris-based Suez Company.
The deal, supported by local and international financial institutions including First Abu Dhabi Bank, Emirates NBD, Riyad Bank, Saudi National Bank (SNB), and Alinma Bank, highlights the consortium's efforts to realize Amaala’s vision of a sustainable luxury destination.
"This project showcases our ability to develop large-scale, fully renewable energy-powered tourism destinations, delivering exceptional guest experiences and strong financial returns for partners," remarked RSG Group CEO John Pagano.
"Our collaboration with this consortium underscores our commitment to realising Amaala as our second 24/7 solar-powered destination," he stated.
To ensure reliable baseload power, the facility will also have transmission and distribution lines, a desalination plant producing 37 million liters of drinking water daily, and wastewater treatment plants.
The innovative project is poised to reduce carbon emissions by approximately 350,000 tons annually compared to similar infrastructure projects, setting a new standard for sustainable luxury tourism and paving the way for a new era of advanced infrastructure, he added.-TradeArabia News Service
